Share this on WhatsAppCSR Report Format as per Rule 8 Annexure COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014 CSR Reporting (Rule-8) 8. (1) The Board’s Report of a company covered under these rules pertaining to a financial year commencing on or after the 1st day of April, 2014 shall include an annual report on CSR containing… Read More »

Share this on WhatsAppRates of interest on advances and Loans to Govt. employees, for construction/Purchase of houses/flats No.5(3)-B(PD)/2015 Government of India Ministry of Finance Department of Economic Affairs (Budget Division) Room No. 263-B, North Block, New Delhi dated the 3rd February, 2016. Office Memorandum The undersigned state-that the rates of interest on advances and loans… Read More »

Share this on WhatsApp Income Computation and Disclosure Standard NOTIFICATION NO.32/2015 [F. NO. 134/48/2010-TPL]/SO 892(E), DATED 31-3-2015 Sponsored Book BUY In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry… Read More »

Share this on WhatsAppThe Finance Bill, 2016 (the Bill) was introduced by the Finance Minister in the Lok Sabha on 29th February 2016. On 5th May 2016, the Bill was passed by the Lok Sabha with certain amendments. Amendments to the Finance Bill, 2016 The Finance Bill, 2016 (the Bill) was introduced by the Finance… Read More »

Share this on WhatsAppService Tax Amendment Finance Act 2016 Also Read :Finance Bill 2016 assented to by President Changes with effect from 14.05.2016 1. Right to use the Radio-Frequency Spectrum is included as declared services Prior to 01.04.2016, services covered by the definition of the support services (as defined under section 65B(49) of the Finance… Read More »

Share this on WhatsAppThe Income Declaration Scheme 2016 to open from 1st June 2016. The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Under the Scheme, such… Read More »

Share this on WhatsAppNOTIFICATION F.NO.IRDAI/IAC/6/118/2016 DATED 4-4-2016 In exercise of the powers conferred by sub section (1) of section 25 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority hereby makes the following notification: The following members are appointed as Members of the Insurance Advisory Committee with effect from the… Read More »

Share this on WhatsAppCIRCULAR NO.IRDAI/NL/CIRC/MISC/095/05/2016 DATED 13-5-2016 This refers to the Ministry of Road Transport and Highways notification dated 7-1-2016, which states that the tolerance up to 5% in the gross vehicle weight and safe axle weight may be allowed for the purpose of compliance to sub-section 3 of section 113 of the Motor Vehicles… Read More »

Share this on WhatsAppFinance Bill, 2016 assented to by President The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 5, 2016, the Lok Sabha passed the Finance Bill, 2016 and later on it was approved by the Rajya Sabha.The Finance Bill, 2016 received the presidential assent on May 14,… Read More »

Share this on WhatsAppTax Deductor registration Tax Deductor and Collector User Registration Pre-requisites for Tax Deductor registration in the e-Filing application  User must have a valid TAN. Tax Deductor registration Process for New Users  Type the URL of e-Filing application in a browser. (https://incometaxindiaefiling.gov.in)  Click on the ‘Register Yourself’ button and select ‘Tax… Read More »

Share this on WhatsAppRes judicata Res judicata also known as “Claim Preclusion”. It is a Latin term for “a matter already Judged.” It simply means that one cannot agitate a matter in a Court of law on which a Judgment has already been delivered. In British India the rule of Res Judicata was first introduced… Read More »

Share this on WhatsAppThe Larger Bench of New Delhi CESTAT, held that the passive infrastructure companies hiring out telecom towers, to telecom companies, taxable under ‘Business Auxiliary/Support Services’, are not eligible to claim CENVAT Credit of MS Steel Angles/parts, pre-fabricated shelters parts, etc. used in erection of such towers. In the said case, the assessees… Read More »

Share this on WhatsAppHeld In the case of DRP Malleables (P.) Ltd. the Tribunal held that Chartered Accountant Service is specifically covered under the scope of input service and the assessee is eligible for availing credit. In my considered view, the Chartered Accountant Service related to day-to-day service cannot be reason for denial of CENVAT… Read More »

Share this on WhatsAppMINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 16th February, 2015 G.S.R. 111(E). —In exercise of the powers conferred by Section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation… Read More »

Share this on WhatsAppCIRCULAR CIR/IMD/DF/55/2016 Dated May 11, 2016 issued by SEBI ( Guidelines for public issue of units of InvITs) Application and Abridged version of the offer document. (1) The application form and the abridged version of the offer document as stated in Regulation 14(4)(n) of the InvIT Regulations for the issue shall be… Read More »

Share this on WhatsAppForm 16 Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source on salary Form No 16 It if The certificate of deduction of tax at source or the certificate of payment of tax by the employer on behalf of the employee under sub-section (1A) of section 192 of income… Read More »

Share this on WhatsAppRules under Companies Act 2013 CHAPTER XXIX : MISCELLANEOUS COMPANIES (ADJUDICATION OF PENALTIES) RULES, 2014 In exercise of the powers conferred by section 454, read with section 469 of the Companies Act, 2013, the Central Government hereby makes the following rules, namely:— Short title and commencement. 1. (1) These rules may be… Read More »

Share this on WhatsAppRules under Companies Act 2013 CHAPTER XXVII : NATIONAL COMPANY LAW TRIBUNAL AND APPELLATE TRIBUNAL NATIONAL COMPANY LAW APPELLATE TRIBUNAL (SALARIES, ALLOWANCES AND OTHER TERMS AND CONDITIONS OF SERVICE OF THE CHAIRPERSON AND OTHER MEMBERS)RULES, 2014 In exercise of the powers conferred by section 469 read with section 414 of the Companies… Read More »

Share this on WhatsAppRules under Companies Act 2013 CHAPTER XXVII : NATIONAL COMPANY LAW TRIBUNAL AND APPELLATE TRIBUNAL NATIONAL COMPANY LAW TRIBUNAL (SALARY, ALLOWANCES AND OTHER TERMS AND CONDITIONS OF SERVICE OF PRESIDENT AND OTHER MEMBERS) RULES, 2013 In exercise of the powers conferred by section 469 read with section 414 of the Companies Act,… Read More »

Share this on WhatsAppInformation to be furnished in Form AOC-1 Form AOC-1 is in 2 parts. “Part A : Subsidiaries” requires that the following (Information in respect of each subsidiary is to be presented with amounts in Rs. …..) 1. Sl. No. 2. Name of the subsidiary 3. Reporting period for the subsidiary concerned, if… Read More »

Share this on WhatsApp FORM NO. AOC -2 (Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014. Form for Disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub section (1) of section 188 of the… Read More »

Share this on WhatsAppSection 10(12 ) of Income tax Act 1961 Provident Fund withdrawal taxability Under section 10(12) of the Income-tax Act, 1961 (‘the Act’) total exemption from tax is allowable on the accumulated balance due and becoming payable to an employee participating in a recognised provident fund, to the extent provided in rule 8 of Part A of the… Read More »

Share this on WhatsAppIssue : Whether amount received on redemption of Stock Appreciation Rights (SARs) is capital gain or to be treated as perquisite under Sec.17(2)(iii) of the I.T. Act or under Sec. 28(iv) of the Act purportedly on the ground that the employer – employee relationship did exist between the assessee and Employer ? Held… Read More »

Share this on WhatsAppCOMPANIES (MISCELLANEOUS) RULES, 2014 NOTIFICATION NO. GSR 253(E)[F.NO.1/25/2013-CL-V], DATED 31-3-2014 In exercise of the powers conferred under section 455, sub-section (2) of section 459 and sub-section (1) of section 464, read with section 469 of the Companies Act, 2013, and in supersession of the Companies (Central Government’s) General Rules and Forms, 1956… Read More »

Share this on WhatsAppSection – 455, Companies Act, 2013 Enforced with effect from 1-4-2014. Dormant company 455. (1) Where a company is formed and registered under this Act for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an inactive company may make… Read More »

Share this on WhatsAppMay 12, 2016 Assignments of Checkers The examination process inter alia includes a procedure of having the answer books checked, after evaluation by examiners, by Checkers to ensure that all answers have been evaluated, marks awarded have been carried forward to the cover page of the answer books and that the totalling… Read More »

Share this on WhatsAppBI/2015-16/396 DPSS.CO.AD.No.2627/02.27.005/2015-16 May 12, 2016 To, All entities authorised under the Payment & Settlement Systems Act, 2007 (PSS Act) Dear Sir/Madam, Guidelines for Voluntary surrender of Certificate of Authorisation (COA) by Payment System Operators (PSOs) authorised under PSS Act 2007 As you are aware, in terms of section 4 of the Payment… Read More »

Share this on WhatsAppQuarterly Statement showing details of overdue Export Advances As per Exports of Goods and Services : RBI new directions following is the format for AD shall exercise proper due diligence and ensure compliance with KYC and AML guidelines so that only bona-fide export advances flow into India. Doubtful cases as also instances… Read More »

Share this on WhatsAppSoftex Forms submitted in bulk for royalty receipt As per RBI A.P. (DIR Series) Circular No.68 [(1)/23(R)] Dated 12.05.2016 B.5 SOFTEX Forms (i) All software exporters shall file single / bulk SOFTEX form in the form of a statement in excel format to the competent authority for certification. Since the SOFTEX data… Read More »

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